Novavest records significant profit increase
Novavest Real Estate's profits jumped in fiscal 2021, thanks mainly to revaluations.
According to Novavest Real Estate AG's preliminary unaudited results, the property portfolio increased by 15% to CHF 741.3 million (previous year: 645.4 million) in fiscal year 2021 due to investments in existing properties and new construction projects, acquisitions of four properties and positive revaluation effects. Rental income increased by 10% to 26.7 million (previous year: 24.3 million).
The market valuation of the real estate portfolio led to a revaluation gain of 21.8 million compared to 8.3 million in the previous year. According to the preliminary figures, earnings before interest and taxes (Ebit) increased by over 70% to 39.1 million (previous year: 22.9 million). Profit including revaluation gains reached 29.3 million (previous year: 17.8 million) and profit excluding revaluation gains came in at 11.7 million (previous year: 11.1 million).
Novavest plans to release its 2021 annual report and other fiscal year details on February 22, 2022. (ah)
